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Crown Castle (CCI) Financials

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$99.98 +0.61 (+0.61%)
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Annual Income Statements for Crown Castle

Annual Income Statements for Crown Castle

This table shows Crown Castle's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 1,477 424 308 547 789 999 1,096 3,073 3,202 7,877
Consolidated Net Income / (Loss)		 1,524 357 366 660 902 1,056 1,096 3,073 3,202 7,877
Net Income / (Loss) Continuing Operations		 525 391 366 660 902 1,056 1,158 0.00 0.00 0.00
Total Pre-Tax Income 		474 374 392 641 881 1,076 1,179 3,089 3,228 7,901
Total Operating Income		 946 949 967 1,383 1,559 1,863 2,001 2,425 2,369 -2,938
Total Gross Profit		 2,342 2,480 2,712 3,526 3,777 3,871 4,347 4,918 5,001 4,721
Total Revenue		 3,664 3,921 4,255 5,370 5,763 5,840 6,340 6,986 6,981 6,568
Operating Revenue		 3,664 3,921 4,255 5,370 5,763 5,840 6,340 6,986 6,981 6,568
Total Cost of Revenue		 1,321 1,441 1,543 1,844 1,986 1,969 1,993 2,068 1,980 1,847
Operating Cost of Revenue		 1,321 1,441 1,543 1,844 1,986 1,969 1,993 2,068 1,980 1,847
Total Operating Expenses		 1,396 1,531 1,745 2,143 2,218 2,008 2,346 2,493 2,632 -2,257
Selling, General & Admin Expense		 311 371 426 563 614 678 680 750 759 706
Depreciation Expense		 1,036 1,109 1,241 1,527 1,572 1,608 1,644 1,707 1,754 1,738
Impairment Charge		 33 34 17 26 19 74 21 34 33 -4,810
Restructuring Charge		 16 17 61 27 13 10 1.00 2.00 86 109
Total Other Income / (Expense), net		 -472 -575 -575 -742 -678 -787 -822 664 859 923
Interest Expense		 531 567 595 748 685 784 802 -671 -850 -932
Interest & Investment Income		 1.91 1.00 19 5.00 6.00 2.00 1.00 3.00 15 19
Other Income / (Expense), net		 57 -9.00 1.00 1.00 1.00 -5.00 -21 -10 -6.00 -28
Income Tax Expense		 -51 -17 26 -19 -21 20 21 16 26 24
Basic Earnings per Share		 $4.44 $0.95 $0.80 $1.23 $3.60 $2.36 $2.54 $3.87 $3.46 ($8.98)
Weighted Average Basic Shares Outstanding		 333.00M 340M 382M 413M 416M 423M 432M 433M 434M 434M
Diluted Earnings per Share		 $4.42 $0.95 $0.80 $1.23 $3.58 $2.35 $2.53 $3.86 $3.46 ($8.98)
Weighted Average Diluted Shares Outstanding		 334.06M 341M 383M 415M 418M 425M 434M 434M 434M 434M
Weighted Average Basic & Diluted Shares Outstanding		 494M 360.54M 383.20M 413.30M 416.75M 862.62M 864.43M 433.44M 434.22M 435.43M
Cash Dividends to Common per Share		 $3.35 $3.61 $3.90 $4.28 $4.58 $4.93 $5.46 $5.98 $6.26 $6.26

Quarterly Income Statements for Crown Castle

This table shows Crown Castle's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 419 1,814 417 456 265 2,064 310 251 303 7,013
Consolidated Net Income / (Loss)		 419 1,812 418 455 265 2,064 311 251 303 7,012
Net Income / (Loss) Continuing Operations		 419 -840 418 455 265 -1,138 311 251 303 -865
Total Pre-Tax Income 		422 1,814 425 462 272 2,069 318 258 308 7,017
Total Operating Income		 602 612 628 667 486 588 538 485 544 -4,505
Total Gross Profit		 1,222 1,243 1,254 1,345 1,181 1,221 1,177 1,167 1,192 1,185
Total Revenue		 1,746 1,764 1,773 1,867 1,667 1,674 1,641 1,626 1,652 1,649
Operating Revenue		 1,746 1,764 1,773 1,867 1,667 1,674 1,641 1,626 1,652 1,649
Total Cost of Revenue		 524 521 519 522 486 453 464 459 460 464
Operating Cost of Revenue		 524 521 519 522 486 453 464 459 460 464
Total Operating Expenses		 620 631 626 678 695 633 639 682 648 -4,226
Selling, General & Admin Expense		 187 192 195 210 176 178 183 204 153 166
Depreciation Expense		 430 430 431 445 439 439 439 430 432 437
Impairment Charge		 3.00 8.00 0.00 22 8.00 3.00 6.00 3.00 15 -4,834
Restructuring Charge		 0.00 1.00 0.00 1.00 72 13 11 45 48 5.00
Total Other Income / (Expense), net		 -180 1,202 -203 -205 -214 1,481 -220 -227 -236 1,606
Interest Expense		 179 -1,205 202 208 217 -1,477 226 230 236 -1,624
Interest & Investment Income		 1.00 2.00 2.00 5.00 3.00 5.00 4.00 4.00 6.00 5.00
Other Income / (Expense), net		 -2.00 -5.00 -3.00 -2.00 0.00 -1.00 2.00 -1.00 -6.00 -23
Income Tax Expense		 3.00 2.00 7.00 7.00 7.00 5.00 7.00 7.00 5.00 5.00
Basic Earnings per Share		 $0.97 $0.96 $0.97 $1.05 $0.61 $0.83 $0.72 $0.58 $0.70 ($10.98)
Weighted Average Basic Shares Outstanding		 433M 433M 433M 434M 434M 434M 434M 435M 435M 434M
Diluted Earnings per Share		 $0.97 $0.95 $0.97 $1.05 $0.61 $0.83 $0.71 $0.58 $0.70 ($10.97)
Weighted Average Diluted Shares Outstanding		 434M 434M 434M 434M 434M 434M 435M 435M 436M 434M
Weighted Average Basic & Diluted Shares Outstanding		 433.05M 433.44M 433.67M 433.68M 433.69M 434.22M 434.52M 434.57M 434.60M 435.43M

Annual Cash Flow Statements for Crown Castle

This table details how cash moves in and out of Crown Castle's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -1,101 269 27,700 432 -75 43 147 -139 -47 15
Net Cash From Operating Activities		 1,794 1,787 2,032 2,500 2,698 3,055 2,789 2,878 3,126 2,943
Net Cash From Continuing Operating Activities		 1,794 1,787 1,926 2,934 3,032 3,055 2,789 2,878 3,119 -6,973
Net Income / (Loss) Continuing Operations		 525 357 366 622 860 1,056 1,158 1,675 1,502 -3,903
Consolidated Net Income / (Loss)		 525 357 366 622 860 1,056 1,158 1,675 1,502 -3,903
Depreciation Expense		 1,036 1,109 1,241 1,527 1,572 1,608 1,644 1,707 1,754 1,738
Amortization Expense		 37 14 9.00 7.00 1.00 6.00 13 17 29 32
Non-Cash Adjustments To Reconcile Net Income		 -26 178 103 27 138 312 316 223 197 -4,644
Changes in Operating Assets and Liabilities, net		 221 129 305 317 127 73 -342 -744 -363 -196
Net Cash From Investing Activities		 -1,960 -1,429 -10,482 -1,793 -2,081 -1,741 -1,332 -1,352 -1,519 -1,220
Net Cash From Continuing Investing Activities		 -1,960 -1,429 10,482 -1,769 -2,067 -1,741 -1,332 -1,352 -1,519 -1,220
Purchase of Property, Plant & Equipment		 -909 -874 -1,217 -1,739 -2,057 -1,624 -1,229 -1,310 -1,424 -1,222
Acquisitions		 -1,102 -557 -9,260 -42 -17 -107 -111 -35 -96 -8.00
Other Investing Activities, net		 51 2.00 -5.00 -12 -7.00 -10 8.00 -7.00 1.00 10
Net Cash From Financing Activities		 -935 -89 8,192 -733 -692 -1,271 -1,310 -1,665 -1,654 -1,708
Net Cash From Continuing Financing Activities		 -935 -89 15,292 -733 -692 -1,271 -1,310 12,103 14,084 6,878
Repayment of Debt		 -2,535 -8,748 -1,988 -4,207 -2,627 -5,168 -4,097 5,193 3,875 2,872
Repurchase of Common Equity		 -30 -25 -23 -34 -44 -76 -70 65 30 33
Payment of Dividends		 -1,160 -1,283 -1,539 -1,895 -2,025 -2,190 -2,373 2,602 2,723 2,729
Issuance of Debt		 2,790 8,641 5,913 4,562 4,004 6,163 5,230 4,243 7,456 1,244

Quarterly Cash Flow Statements for Crown Castle

This table details how cash moves in and out of Crown Castle's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -125 6.00 0.00 -49 -183 185 -192 103 2.00 102
Net Cash From Operating Activities		 701 840 606 1,119 533 868 599 768 699 877
Net Cash From Continuing Operating Activities		 679 868 546 969 549 1,055 389 838 661 -8,861
Net Income / (Loss) Continuing Operations		 1,261 414 418 456 265 363 311 251 303 -4,768
Consolidated Net Income / (Loss)		 419 414 418 456 265 363 311 251 303 -4,768
Depreciation Expense		 429 431 431 445 439 439 439 430 432 437
Amortization Expense		 3.00 7.00 7.00 7.00 8.00 7.00 8.00 10 6.00 8.00
Non-Cash Adjustments To Reconcile Net Income		 39 55 39 72 35 51 40 39 33 -4,756
Changes in Operating Assets and Liabilities, net		 -211 -39 -349 -11 -198 195 -409 108 -113 218
Net Cash From Investing Activities		 -337 -406 -407 -399 -349 -364 -320 -330 -297 -273
Net Cash From Continuing Investing Activities		 -337 -406 -407 -399 -349 -364 -320 -330 -297 -273
Purchase of Property, Plant & Equipment		 -337 -389 -341 -379 -347 -357 -320 -329 -297 -276
Other Investing Activities, net		 - 3.00 1.00 2.00 2.00 -4.00 1.00 -1.00 7.00 3.00
Net Cash From Financing Activities		 -461 -456 -139 -619 -383 -513 -261 -405 -362 -680
Net Cash From Continuing Financing Activities		 -461 13,312 -139 -619 -383 15,225 -261 -405 -362 7,906
Repayment of Debt		 289 7,787 -1,858 -1,967 -533 8,233 454 278 -923 3,063
Repurchase of Common Equity		 -1.00 129 -28 -1.00 - 59 -27 -3.00 -2.00 65
Payment of Dividends		 -637 4,526 -686 -678 -680 4,767 -688 -680 -681 4,778

Annual Balance Sheets for Crown Castle

This table presents Crown Castle's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 21,937 22,675 32,229 32,762 38,457 38,768 39,040 38,921 38,527 32,736
Total Current Assets		 981 1,325 1,134 1,229 1,204 1,104 1,254 1,217 1,032 1,090
Cash & Equivalents		 179 568 314 277 196 232 292 156 105 119
Restricted Cash		 131 125 121 131 137 144 169 166 171 171
Accounts Receivable		 313 374 398 501 596 431 543 593 481 478
Prepaid Expenses		 133 129 162 172 107 95 105 102 103 106
Other Current Assets		 225 130 139 148 168 202 145 200 172 216
Plant, Property, & Equipment, net		 9,580 9,805 12,933 13,653 14,666 15,162 15,269 15,407 15,666 15,495
Total Noncurrent Assets		 11,376 11,545 18,162 17,880 22,587 22,502 22,517 22,297 21,829 16,151
Noncurrent Note & Lease Receivables		 1,306 1,318 1,300 1,366 1,424 1,408 1,588 1,954 2,239 2,343
Goodwill		 5,514 5,758 10,021 10,078 10,078 10,078 10,078 10,085 10,085 5,127
Intangible Assets		 359 351 336 307 72 68 64 61 57 54
Other Noncurrent Operating Assets		 4,197 4,118 6,505 6,129 11,013 10,948 10,787 10,197 9,448 8,627
Total Liabilities & Shareholders' Equity		 21,937 22,675 32,229 32,762 38,457 38,768 39,040 38,921 38,527 32,736
Total Liabilities		 14,848 15,118 19,890 21,191 27,968 29,307 30,782 31,472 32,146 32,869
Total Current Liabilities		 855 961 1,292 1,506 1,920 1,969 2,026 2,731 2,585 2,177
Short-Term Debt		 106 102 115 107 100 129 72 819 835 610
Accounts Payable		 160 189 249 313 334 230 246 236 252 192
Current Deferred Revenue		 323 353 457 587 657 704 776 736 605 476
Other Current Liabilities		 200 221 339 351 660 707 750 757 674 655
Other Current Nonoperating Liabilities		 67 97 132 148 169 199 182 183 219 244
Total Noncurrent Liabilities		 13,992 14,157 18,598 19,685 26,048 27,338 28,756 28,741 29,561 30,692
Long-Term Debt		 12,044 12,069 16,044 16,575 18,021 19,151 20,557 20,910 22,086 23,471
Capital Lease Obligations		 - - - 0.00 5,511 5,808 6,031 5,881 5,561 5,236
Other Noncurrent Operating Liabilities		 1,949 2,087 2,554 3,110 2,516 2,379 2,168 1,950 1,914 1,985
Total Equity & Noncontrolling Interests		 7,089 7,557 12,339 11,571 10,489 9,461 8,258 7,449 6,381 -133
Total Preferred & Common Equity		 7,089 7,557 12,339 11,571 10,489 9,461 8,258 7,449 6,381 -133
Total Common Equity		 7,089 7,557 12,339 11,571 10,489 9,461 8,258 7,449 6,381 -133
Common Stock		 9,552 10,942 16,848 17,771 17,859 17,937 18,015 18,120 18,274 18,397
Retained Earnings		 -2,458 -3,379 -4,505 -6,195 -7,365 -8,472 -9,753 -10,666 -11,889 -18,525
Accumulated Other Comprehensive Income / (Loss)		 -4.40 -5.89 -4.00 -5.00 -5.00 -4.00 -4.00 -5.00 -4.00 -5.00

Quarterly Balance Sheets for Crown Castle

This table presents Crown Castle's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Total Assets		 38,861 38,921 39,054 39,042 38,699 38,527 38,231 38,246 38,043 32,736
Total Current Assets		 1,182 1,217 1,325 1,349 1,126 1,032 977 1,081 1,124 1,090
Cash & Equivalents		 174 156 187 276 117 105 125 155 194 119
Restricted Cash		 168 166 196 207 167 171 168 171 172 171
Accounts Receivable		 535 593 565 496 512 481 380 420 413 478
Prepaid Expenses		 111 102 159 182 143 103 130 155 144 106
Other Current Assets		 194 200 218 188 187 172 174 180 201 216
Plant, Property, & Equipment, net		 15,265 15,407 15,492 15,571 15,573 15,666 15,677 15,698 15,643 15,495
Total Noncurrent Assets		 22,414 22,297 22,237 22,122 22,000 21,829 21,577 21,467 21,276 16,151
Noncurrent Note & Lease Receivables		 8,493 1,954 2,040 2,128 8,498 2,239 2,292 2,341 2,340 2,343
Goodwill		 10,087 10,085 10,085 10,085 10,085 10,085 10,085 10,085 10,085 5,127
Intangible Assets		 3,699 61 3,496 3,388 3,276 57 3,073 2,974 2,878 54
Other Noncurrent Operating Assets		 135 10,197 6,616 6,521 141 9,448 6,127 6,067 5,973 8,627
Total Liabilities & Shareholders' Equity		 38,861 38,921 39,054 39,042 38,699 38,527 38,231 38,246 38,043 32,736
Total Liabilities		 31,182 31,472 31,831 31,996 32,030 32,146 32,183 32,594 32,747 32,869
Total Current Liabilities		 2,584 2,731 2,535 2,725 2,549 2,585 2,336 2,494 2,097 2,177
Short-Term Debt		 819 819 819 819 827 835 854 865 611 610
Accounts Payable		 229 236 233 240 215 252 216 225 200 192
Current Deferred Revenue		 686 736 721 793 650 605 514 509 483 476
Other Current Liabilities		 731 757 630 654 712 674 592 667 639 655
Other Current Nonoperating Liabilities		 119 183 132 219 145 219 160 228 164 244
Total Noncurrent Liabilities		 28,598 28,741 29,296 29,271 29,481 29,561 29,847 30,100 30,650 30,692
Long-Term Debt		 20,664 20,910 21,513 21,599 21,903 22,086 22,560 22,854 23,452 23,471
Capital Lease Obligations		 5,941 5,881 5,856 5,750 5,660 5,561 5,397 5,354 5,272 5,236
Other Noncurrent Operating Liabilities		 1,993 1,950 1,927 1,922 1,918 1,914 1,890 1,892 1,926 1,985
Total Equity & Noncontrolling Interests		 7,679 7,449 7,223 7,046 6,669 6,381 6,048 5,652 5,296 -133
Total Preferred & Common Equity		 7,675 7,449 7,223 7,046 6,669 6,381 6,048 5,652 5,296 -133
Total Common Equity		 7,675 7,449 7,223 7,046 6,669 6,381 6,048 5,652 5,296 -133
Common Stock		 18,087 18,120 18,158 18,206 18,245 18,274 18,314 18,351 18,375 18,397
Retained Earnings		 -10,405 -10,666 -10,929 -11,155 -11,571 -11,889 -12,261 -12,694 -13,074 -18,525
Accumulated Other Comprehensive Income / (Loss)		 -7.00 -5.00 -6.00 -5.00 -5.00 -4.00 -5.00 -5.00 -5.00 -5.00

Annual Metrics And Ratios for Crown Castle

This table displays calculated financial ratios and metrics derived from Crown Castle's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 3.54% 7.02% 8.52% 26.20% 7.32% 1.34% 8.56% 10.19% -0.07% -5.92%
EBITDA Growth		 2.83% -0.65% 7.51% 31.56% 7.37% 10.82% 4.75% 13.80% 0.17% -128.85%
EBIT Growth		 5.30% -6.30% 2.98% 42.98% 12.72% 19.10% 6.57% 21.97% -2.15% -225.52%
NOPAT Growth		 7.89% -5.41% -9.00% 57.72% 12.09% 14.55% 7.49% 22.75% -2.59% -224.65%
Net Income Growth		 282.26% -76.58% 2.52% 80.33% 36.67% 17.07% 3.79% 180.38% 4.20% 146.00%
EPS Growth		 325.00% -78.51% -15.79% 53.75% 191.06% -34.36% 7.66% 52.57% -10.36% -359.54%
Operating Cash Flow Growth		 12.11% -0.39% 13.71% 23.03% 7.92% 13.23% -8.71% 3.19% 8.62% -5.85%
Free Cash Flow Firm Growth		 -81.15% 342.55% -1,053.58% 119.93% -368.63% 132.36% 20.16% 25.50% 15.60% 11.16%
Invested Capital Growth		 4.72% 0.72% 47.36% -0.72% 21.31% 1.22% 0.78% 0.81% -0.33% -16.28%
Revenue Q/Q Growth		 -3.00% 7.29% 6.34% -1.83% 1.05% 30.85% -15.34% 1.60% -1.27% -0.38%
EBITDA Q/Q Growth		 -0.86% 1.57% 0.71% 6.26% 2.02% 9.42% -3.86% 2.68% -0.29% -130.51%
EBIT Q/Q Growth		 -2.53% 3.21% -6.69% 11.52% 3.72% 18.72% -7.56% 3.83% -0.84% -238.02%
NOPAT Q/Q Growth		 7.11% -0.25% -15.99% 18.60% 1.17% 15.35% -5.81% 4.28% -0.35% -238.57%
Net Income Q/Q Growth		 -5.41% 17.99% -32.41% 35.25% 3.32% 33.50% -10.82% 90.40% 106.31% 540.93%
EPS Q/Q Growth		 -0.67% -2.06% -33.88% 44.71% 111.83% -37.67% -4.89% 7.82% -53.49% -242.99%
Operating Cash Flow Q/Q Growth		 3.10% -1.15% 7.21% 4.43% 3.17% 6.15% -8.26% 3.82% 0.90% 0.31%
Free Cash Flow Firm Q/Q Growth		 552.95% -13.30% -797.71% 126.97% 8.84% -81.91% -19.65% 152.22% 6.29% 5.15%
Invested Capital Q/Q Growth		 -0.80% -0.13% 33.36% -1.34% -2.26% 20.55% 21.60% 0.11% -0.33% -15.37%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 63.93% 63.25% 63.74% 65.66% 65.54% 66.28% 68.56% 70.40% 71.64% 71.88%
EBITDA Margin		 56.68% 52.61% 52.13% 54.34% 54.36% 59.45% 57.37% 59.25% 59.39% -18.21%
Operating Margin		 25.82% 24.20% 22.73% 25.75% 27.05% 31.90% 31.56% 34.71% 33.94% -44.73%
EBIT Margin		 27.38% 23.97% 22.75% 25.77% 27.07% 31.82% 31.23% 34.57% 33.85% -45.16%
Profit (Net Income) Margin		 41.60% 9.10% 8.60% 12.29% 15.65% 18.08% 17.29% 43.99% 45.87% 119.93%
Tax Burden Percent		 321.71% 95.45% 93.37% 102.96% 102.38% 98.14% 92.96% 99.48% 99.19% 99.70%
Interest Burden Percent		 47.23% 39.79% 40.50% 46.32% 56.47% 57.91% 59.55% 127.91% 136.61% -266.39%
Effective Tax Rate		 -10.86% -4.55% 6.63% -2.96% -2.38% 1.86% 1.78% 0.52% 0.81% 0.30%
Return on Invested Capital (ROIC)		 5.65% 5.20% 3.82% 5.07% 5.15% 5.35% 5.70% 6.94% 6.74% -9.16%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.73% -0.21% -0.10% 0.33% 1.67% 2.16% 2.31% 9.39% 9.79% 28.30%
Return on Net Nonoperating Assets (RNNOA)		 16.40% -0.33% -0.14% 0.45% 3.02% 5.23% 6.68% 32.19% 39.56% 261.31%
Return on Equity (ROE)		 22.05% 4.87% 3.68% 5.52% 8.18% 10.59% 12.37% 39.13% 46.31% 252.14%
Cash Return on Invested Capital (CROIC)		 1.04% 4.49% -34.48% 5.79% -14.10% 4.14% 4.92% 6.13% 7.07% 8.57%
Operating Return on Assets (OROA)		 4.66% 4.21% 3.53% 4.26% 4.38% 4.81% 5.09% 6.20% 6.10% -8.32%
Return on Assets (ROA)		 7.08% 1.60% 1.33% 2.03% 2.53% 2.73% 2.82% 7.88% 8.27% 22.11%
Return on Common Equity (ROCE)		 22.02% 4.87% 3.68% 5.52% 8.18% 10.59% 12.37% 39.13% 46.31% 252.14%
Return on Equity Simple (ROE_SIMPLE)		 21.50% 4.72% 2.97% 5.70% 8.60% 11.16% 13.27% 41.25% 50.18% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,049 992 903 1,424 1,596 1,828 1,965 2,412 2,350 -2,929
NOPAT Margin		 28.63% 25.30% 21.22% 26.52% 27.70% 31.31% 31.00% 34.53% 33.66% -44.60%
Net Nonoperating Expense Percent (NNEP)		 -4.08% 5.41% 3.91% 4.73% 3.48% 3.19% 3.39% -2.45% -3.05% -37.46%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 6.88% 6.74% -10.04%
Cost of Revenue to Revenue		 36.07% 36.75% 36.26% 34.34% 34.46% 33.72% 31.44% 29.60% 28.36% 28.12%
SG&A Expenses to Revenue		 8.49% 9.46% 10.01% 10.48% 10.65% 11.61% 10.73% 10.74% 10.87% 10.75%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 38.11% 39.05% 41.01% 39.91% 38.49% 34.38% 37.00% 35.69% 37.70% -34.36%
Earnings before Interest and Taxes (EBIT)		 1,003 940 968 1,384 1,560 1,858 1,980 2,415 2,363 -2,966
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,077 2,063 2,218 2,918 3,133 3,472 3,637 4,139 4,146 -1,196
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 2.91 2.90 5.66 6.27 4.69 6.23 9.67 6.92 7.26 0.00
Price to Tangible Book Value (P/TBV)		 16.95 15.12 35.21 61.16 145.19 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 5.63 5.58 16.40 13.51 8.54 10.10 12.59 7.37 6.63 5.91
Price to Earnings (P/E)		 13.97 51.63 226.59 132.61 62.38 59.03 72.83 16.76 14.46 4.93
Dividend Yield		 5.41% 5.58% 4.54% 4.89% 3.86% 3.61% 2.96% 5.02% 5.86% 7.01%
Earnings Yield		 7.16% 1.94% 0.44% 0.75% 1.60% 1.69% 1.37% 5.97% 6.92% 20.30%
Enterprise Value to Invested Capital (EV/IC)		 1.71 1.74 3.03 3.17 2.14 2.43 3.06 2.26 2.14 2.33
Enterprise Value to Revenue (EV/Rev)		 8.86 8.51 20.10 16.54 12.58 14.33 16.72 11.28 10.67 10.33
Enterprise Value to EBITDA (EV/EBITDA)		 15.64 16.18 38.56 30.44 23.15 24.10 29.15 19.04 17.97 0.00
Enterprise Value to EBIT (EV/EBIT)		 32.37 35.50 88.34 64.17 46.49 45.04 53.54 32.63 31.53 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 30.96 33.64 94.72 62.37 45.43 45.77 53.94 32.66 31.71 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.10 18.67 42.08 35.53 26.88 27.39 38.01 27.38 23.84 23.05
Enterprise Value to Free Cash Flow (EV/FCFF)		 167.94 39.00 0.00 54.62 0.00 59.21 62.42 36.97 30.24 24.76
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 1.71 1.61 1.31 1.44 2.25 2.65 3.23 3.71 4.46 -220.43
Long-Term Debt to Equity		 1.70 1.60 1.30 1.43 2.24 2.64 3.22 3.60 4.33 -215.84
Financial Leverage		 1.69 1.60 1.38 1.35 1.81 2.43 2.89 3.43 4.04 9.23
Leverage Ratio		 3.12 3.05 2.76 2.72 3.23 3.87 4.39 4.96 5.60 11.41
Compound Leverage Factor		 1.47 1.21 1.12 1.26 1.82 2.24 2.61 6.35 7.65 -30.38
Debt to Total Capital		 63.15% 61.69% 56.70% 59.05% 69.26% 72.62% 76.35% 78.75% 81.70% 100.46%
Short-Term Debt to Total Capital		 0.55% 0.52% 0.40% 0.38% 0.29% 0.37% 0.21% 2.34% 2.40% 2.09%
Long-Term Debt to Total Capital		 62.60% 61.18% 56.30% 58.67% 68.97% 72.24% 76.14% 76.42% 79.30% 98.37%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 36.85% 38.31% 43.30% 40.95% 30.74% 27.38% 23.65% 21.25% 18.30% -0.46%
Debt to EBITDA		 5.85 5.90 7.29 5.72 7.54 7.23 7.33 6.67 6.87 -24.51
Net Debt to EBITDA		 5.70 5.56 7.09 5.58 7.44 7.12 7.20 6.59 6.80 -24.27
Long-Term Debt to EBITDA		 5.80 5.85 7.23 5.68 7.51 7.19 7.31 6.47 6.67 -24.00
Debt to NOPAT		 11.58 12.27 17.90 11.71 14.81 13.72 13.57 11.44 12.12 -10.01
Net Debt to NOPAT		 11.29 11.57 17.42 11.43 14.60 13.52 13.33 11.31 12.00 -9.91
Long-Term Debt to NOPAT		 11.48 12.17 17.77 11.64 14.74 13.65 13.53 11.11 11.77 -9.80
Altman Z-Score		 1.00 0.99 2.13 2.08 1.05 1.18 1.51 0.94 0.77 -0.22
Noncontrolling Interest Sharing Ratio		 0.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 1.15 1.38 0.88 0.82 0.63 0.56 0.62 0.45 0.40 0.50
Quick Ratio		 0.58 0.98 0.55 0.52 0.41 0.34 0.41 0.27 0.23 0.27
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 193 856 -8,159 1,626 -4,368 1,413 1,698 2,131 2,464 2,739
Operating Cash Flow to CapEx		 197.39% 204.46% 166.97% 143.76% 131.16% 188.12% 226.93% 219.69% 219.52% 240.83%
Free Cash Flow to Firm to Interest Expense		 0.36 1.51 -13.71 2.17 -6.38 1.80 2.12 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 3.38 3.15 3.42 3.34 3.94 3.90 3.48 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 1.67 1.61 1.37 1.02 0.94 1.83 1.95 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.17 0.18 0.16 0.17 0.16 0.15 0.16 0.18 0.18 0.18
Accounts Receivable Turnover		 11.69 11.42 11.03 11.95 10.51 11.37 13.02 12.30 13.00 13.70
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.39 0.40 0.37 0.40 0.41 0.39 0.42 0.46 0.45 0.42
Accounts Payable Turnover		 8.21 8.28 7.05 6.56 6.14 6.98 8.37 8.58 8.11 8.32
Days Sales Outstanding (DSO)		 31.21 31.97 33.09 30.55 34.74 32.09 28.04 29.68 28.08 26.65
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 44.47 44.09 51.75 55.62 59.45 52.28 43.59 42.54 44.98 43.87
Cash Conversion Cycle (CCC)		 -13.26 -12.12 -18.66 -25.07 -24.72 -20.18 -15.55 -12.86 -16.90 -17.22
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 18,997 19,133 28,195 27,993 33,957 34,372 34,639 34,920 34,806 29,138
Invested Capital Turnover		 0.20 0.21 0.18 0.19 0.19 0.17 0.18 0.20 0.20 0.21
Increase / (Decrease) in Invested Capital		 856 137 9,062 -202 5,964 415 267 281 -114 -5,668
Enterprise Value (EV)		 32,470 33,372 85,515 88,813 72,518 83,679 106,018 78,800 74,510 67,822
Market Capitalization		 20,629 21,893 69,791 72,539 49,219 58,967 79,819 51,512 46,304 38,795
Book Value per Share		 $21.24 $22.30 $15.19 $13.94 $25.23 $21.94 $19.11 $17.20 $14.71 ($0.31)
Tangible Book Value per Share		 $3.65 $4.27 $2.44 $1.43 $0.82 ($1.59) ($4.36) ($6.23) ($8.67) ($12.23)
Total Capital		 19,239 19,728 28,498 28,253 34,121 34,549 34,918 35,059 34,863 29,184
Total Debt		 12,150 12,171 16,159 16,682 23,632 25,088 26,660 27,610 28,482 29,317
Total Long-Term Debt		 12,044 12,069 16,044 16,575 23,532 24,959 26,588 26,791 27,647 28,707
Net Debt		 11,840 11,479 15,724 16,274 23,299 24,712 26,199 27,288 28,206 29,027
Capital Expenditures (CapEx)		 909 874 1,217 1,739 2,057 1,624 1,229 1,310 1,424 1,222
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -77 -227 -478 -578 -949 -1,112 -1,161 -1,017 -994 -767
Debt-free Net Working Capital (DFNWC)		 232 465 -43 -170 -616 -736 -700 -695 -718 -477
Net Working Capital (NWC)		 126 363 -158 -277 -716 -865 -772 -1,514 -1,553 -1,087
Net Nonoperating Expense (NNE)		 -475 635 537 764 694 772 869 -661 -852 -10,806
Net Nonoperating Obligations (NNO)		 11,907 11,576 15,856 16,422 23,468 24,911 26,381 27,471 28,425 29,271
Total Depreciation and Amortization (D&A)		 1,073 1,123 1,250 1,534 1,573 1,614 1,657 1,724 1,783 1,770
Debt-free, Cash-free Net Working Capital to Revenue		 -2.11% -5.79% -11.23% -10.76% -16.47% -19.04% -18.31% -14.56% -14.24% -11.68%
Debt-free Net Working Capital to Revenue		 6.33% 11.86% -1.01% -3.17% -10.69% -12.60% -11.04% -9.95% -10.29% -7.26%
Net Working Capital to Revenue		 3.44% 9.27% -3.71% -5.16% -12.42% -14.81% -12.18% -21.67% -22.25% -16.55%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.44 $0.95 $1.01 $1.35 $1.80 $2.36 $5.22 $3.87 $6.92 ($8.98)
Adjusted Weighted Average Basic Shares Outstanding		 333.00M 340.35M 381.74M 413M 416M 423M 432M 433M 434M 434M
Adjusted Diluted Earnings per Share		 $4.42 $0.95 $1.01 $1.34 $1.79 $2.35 $5.20 $3.86 $6.92 ($8.98)
Adjusted Weighted Average Diluted Shares Outstanding		 334.06M 340.88M 383.22M 415M 418M 425M 434M 434M 434M 434M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $1.80 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 333.77M 360.54M 406.91M 415.57M 416.75M 862.62M 864.43M 433.44M 434.22M 435.43M
Normalized Net Operating Profit after Tax (NOPAT)		 697 700 976 1,005 1,114 1,911 1,987 2,448 2,468 -7,616
Normalized NOPAT Margin		 19.02% 17.85% 22.93% 18.72% 19.33% 32.72% 31.34% 35.05% 35.35% -115.95%
Pre Tax Income Margin		 12.93% 9.54% 9.21% 11.94% 15.29% 18.42% 18.60% 44.22% 46.24% 120.30%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 1.89 1.66 1.63 1.85 2.28 2.37 2.47 0.00 0.00 0.00
NOPAT to Interest Expense		 1.97 1.75 1.52 1.90 2.33 2.33 2.45 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.18 0.12 -0.42 -0.47 -0.73 0.30 0.94 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.26 0.21 -0.53 -0.42 -0.67 0.26 0.92 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 76.13% 359.38% 420.49% 287.12% 224.50% 207.39% 216.51% -84.67% -85.04% -34.65%
Augmented Payout Ratio		 78.07% 366.39% 426.78% 292.27% 229.38% 214.58% 222.90% -86.79% -85.98% -35.06%

Quarterly Metrics And Ratios for Crown Castle

This table displays calculated financial ratios and metrics derived from Crown Castle's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 7.91% 6.65% 1.78% 7.67% -4.52% -5.10% -7.45% -12.91% -0.90% -1.49%
EBITDA Growth		 10.02% 11.53% 2.11% 9.40% -9.59% -1.15% -7.15% -17.28% 4.61% -495.26%
EBIT Growth		 14.94% 17.18% 1.30% 12.52% -19.00% -3.29% -13.60% -27.22% 10.70% -871.38%
NOPAT Growth		 15.90% 17.44% 1.37% 12.09% -20.78% -4.05% -14.81% -28.17% 13.03% -867.47%
Net Income Growth		 19.37% 413.31% -0.71% 8.08% -36.75% 13.91% -25.60% -44.84% 14.34% 239.73%
EPS Growth		 19.75% 41.79% 0.00% 8.25% -37.11% -12.63% -26.80% -44.76% 14.75% -1,421.69%
Operating Cash Flow Growth		 2.49% 14.44% 8.60% 43.65% -23.97% 3.33% -1.16% -31.37% 31.14% 1.04%
Free Cash Flow Firm Growth		 -1,168.20% 30.29% 105.82% 110.35% 107.48% 112.09% 184.36% 31.18% 136.72% 66.46%
Invested Capital Growth		 22.45% 0.81% 0.80% 0.15% 0.11% -0.33% -1.23% -0.92% -1.41% -16.28%
Revenue Q/Q Growth		 0.69% 1.03% 0.51% 5.30% -10.71% 0.42% -1.97% -0.91% 1.60% -0.18%
EBITDA Q/Q Growth		 1.08% 1.26% 1.72% 5.08% -16.47% 10.72% -4.45% -6.38% 5.63% -518.34%
EBIT Q/Q Growth		 1.52% 1.17% 2.97% 6.40% -26.92% 20.78% -8.01% -10.37% 11.16% -941.64%
NOPAT Q/Q Growth		 1.99% 2.28% 1.41% 6.35% -27.92% 23.88% -9.29% -10.32% 13.42% -941.19%
Net Income Q/Q Growth		 -0.48% 332.46% 0.97% 8.85% -41.76% 678.87% -14.56% -19.29% 20.72% 2,214.19%
EPS Q/Q Growth		 0.00% -2.06% -79.83% 8.25% -41.90% 36.07% -83.45% -18.31% 20.69% -1,667.14%
Operating Cash Flow Q/Q Growth		 -10.01% 19.83% -27.86% 84.65% -52.37% 62.85% -30.99% 28.21% -8.98% 25.46%
Free Cash Flow Firm Q/Q Growth		 1.00% 105.70% 2.93% 79.44% -28.45% 61.61% 38.34% -17.22% 29.10% 13.65%
Invested Capital Q/Q Growth		 -0.05% 0.11% 0.69% -0.60% -0.09% -0.33% -0.23% -0.29% -0.57% -15.37%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 69.99% 70.46% 70.73% 72.04% 70.85% 72.94% 71.72% 71.77% 72.16% 71.86%
EBITDA Margin		 59.11% 59.24% 59.95% 59.83% 55.97% 61.71% 60.15% 56.83% 59.08% -247.60%
Operating Margin		 34.48% 34.69% 35.42% 35.73% 29.15% 35.13% 32.78% 29.83% 32.93% -273.20%
EBIT Margin		 34.36% 34.41% 35.25% 35.62% 29.15% 35.07% 32.91% 29.77% 32.57% -274.59%
Profit (Net Income) Margin		 24.00% 102.72% 23.58% 24.37% 15.90% 123.30% 18.95% 15.44% 18.34% 425.23%
Tax Burden Percent		 99.29% 99.89% 98.35% 98.48% 97.43% 99.76% 97.80% 97.29% 98.38% 99.93%
Interest Burden Percent		 70.33% 298.85% 68.00% 69.47% 55.97% 352.47% 58.89% 53.31% 57.25% -154.97%
Effective Tax Rate		 0.71% 0.11% 1.65% 1.52% 2.57% 0.24% 2.20% 2.71% 1.62% 0.07%
Return on Invested Capital (ROIC)		 7.43% 6.96% 6.98% 7.20% 5.75% 7.02% 6.28% 5.51% 6.16% -56.08%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.67% 11.42% 6.25% 6.47% 5.00% 12.30% 5.52% 4.74% 5.35% -16.17%
Return on Net Nonoperating Assets (RNNOA)		 19.43% 39.15% 22.44% 23.84% 19.34% 49.72% 23.57% 21.21% 25.66% -149.32%
Return on Equity (ROE)		 26.86% 46.12% 29.42% 31.04% 25.09% 56.74% 29.85% 26.72% 31.82% -205.41%
Cash Return on Invested Capital (CROIC)		 -12.88% 6.13% 6.08% 6.96% 6.64% 7.07% 7.64% 6.83% 7.51% 8.57%
Operating Return on Assets (OROA)		 6.07% 6.17% 6.33% 6.53% 5.32% 6.32% 5.83% 5.09% 5.60% -50.62%
Return on Assets (ROA)		 4.24% 18.41% 4.24% 4.46% 2.90% 22.23% 3.36% 2.64% 3.15% 78.38%
Return on Common Equity (ROCE)		 26.86% 46.12% 29.42% 31.04% 25.08% 56.74% 29.85% 26.72% 31.82% -205.41%
Return on Equity Simple (ROE_SIMPLE)		 21.03% 0.00% 23.15% 24.21% 23.27% 0.00% 23.07% 21.07% 23.21% 0.00%
Net Operating Profit after Tax (NOPAT)		 598 611 618 657 473 587 526 472 535 -4,502
NOPAT Margin		 34.23% 34.66% 34.84% 35.18% 28.40% 35.04% 32.06% 29.02% 32.40% -273.00%
Net Nonoperating Expense Percent (NNEP)		 0.76% -4.46% 0.73% 0.73% 0.75% -5.29% 0.76% 0.78% 0.81% -39.91%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.74% - - - 1.68% - - - -15.43%
Cost of Revenue to Revenue		 30.01% 29.54% 29.27% 27.96% 29.15% 27.06% 28.28% 28.23% 27.85% 28.14%
SG&A Expenses to Revenue		 10.71% 10.88% 11.00% 11.25% 10.56% 10.63% 11.15% 12.55% 9.26% 10.07%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 35.51% 35.77% 35.31% 36.31% 41.69% 37.81% 38.94% 41.94% 39.23% -256.28%
Earnings before Interest and Taxes (EBIT)		 600 607 625 665 486 587 540 484 538 -4,528
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,032 1,045 1,063 1,117 933 1,033 987 924 976 -4,083
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 7.41 6.92 7.46 6.61 5.65 7.26 7.47 7.51 9.73 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 8.27 7.37 7.68 6.51 5.33 6.63 6.60 6.42 7.82 5.91
Price to Earnings (P/E)		 35.31 16.76 32.28 27.27 24.28 14.46 32.36 35.64 41.95 4.93
Dividend Yield		 4.48% 5.02% 4.88% 5.74% 7.20% 5.86% 6.01% 6.41% 5.28% 7.01%
Earnings Yield		 2.83% 5.97% 3.10% 3.67% 4.12% 6.92% 3.09% 2.81% 2.38% 20.30%
Enterprise Value to Invested Capital (EV/IC)		 2.41 2.26 2.32 2.12 1.88 2.14 2.12 2.06 2.34 2.33
Enterprise Value to Revenue (EV/Rev)		 12.21 11.28 11.64 10.38 9.31 10.67 10.76 10.77 12.21 10.33
Enterprise Value to EBITDA (EV/EBITDA)		 20.82 19.04 19.64 17.44 15.83 17.97 18.11 18.36 20.54 0.00
Enterprise Value to EBIT (EV/EBIT)		 36.08 32.63 33.72 29.73 27.62 31.53 32.35 33.95 37.47 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 36.28 32.66 33.90 29.91 27.91 31.71 32.94 34.69 38.09 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 30.28 27.38 27.93 22.73 21.24 23.84 23.63 25.72 27.44 23.05
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 36.97 38.35 30.54 28.39 30.24 27.59 29.98 30.91 24.76
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 3.57 3.71 3.90 4.00 4.26 4.46 4.76 5.14 5.54 -220.43
Long-Term Debt to Equity		 3.46 3.60 3.79 3.88 4.13 4.33 4.62 4.99 5.42 -215.84
Financial Leverage		 2.91 3.43 3.59 3.69 3.86 4.04 4.27 4.48 4.80 9.23
Leverage Ratio		 4.81 4.96 5.12 5.24 5.41 5.60 5.82 6.09 6.41 11.41
Compound Leverage Factor		 3.38 14.83 3.48 3.64 3.03 19.74 3.43 3.24 3.67 -17.68
Debt to Total Capital		 78.12% 78.75% 79.60% 79.99% 80.98% 81.70% 82.65% 83.72% 84.71% 100.46%
Short-Term Debt to Total Capital		 2.33% 2.34% 2.31% 2.33% 2.36% 2.40% 2.45% 2.49% 1.76% 2.09%
Long-Term Debt to Total Capital		 75.79% 76.42% 77.29% 77.67% 78.62% 79.30% 80.20% 81.23% 82.94% 98.37%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 21.86% 21.25% 20.40% 20.01% 19.02% 18.30% 17.35% 16.28% 15.29% -0.46%
Debt to EBITDA		 6.80 6.67 6.77 6.62 6.83 6.87 7.08 7.50 7.48 -24.51
Net Debt to EBITDA		 6.72 6.59 6.68 6.50 6.76 6.80 7.01 7.41 7.39 -24.27
Long-Term Debt to EBITDA		 6.60 6.47 6.58 6.42 6.63 6.67 6.87 7.28 7.33 -24.00
Debt to NOPAT		 11.85 11.44 11.69 11.35 12.04 12.12 12.88 14.17 13.88 -10.01
Net Debt to NOPAT		 11.71 11.31 11.54 11.16 11.92 12.00 12.75 14.01 13.71 -9.91
Long-Term Debt to NOPAT		 11.50 11.11 11.35 11.02 11.69 11.77 12.50 13.75 13.59 -9.80
Altman Z-Score		 0.90 0.78 0.82 0.67 0.47 0.62 0.58 0.49 0.65 -0.38
Noncontrolling Interest Sharing Ratio		 0.02% 0.00% 0.00% 0.00% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.46 0.45 0.52 0.50 0.44 0.40 0.42 0.43 0.54 0.50
Quick Ratio		 0.27 0.27 0.30 0.28 0.25 0.23 0.22 0.23 0.29 0.27
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -5,797 330 338 606 433 701 960 795 1,026 1,166
Operating Cash Flow to CapEx		 208.01% 215.94% 177.71% 295.25% 153.60% 243.14% 187.19% 233.43% 235.35% 317.75%
Free Cash Flow to Firm to Interest Expense		 -32.39 0.00 1.67 2.91 2.00 0.00 4.25 3.46 4.35 0.00
Operating Cash Flow to Interest Expense		 3.92 0.00 3.00 5.38 2.46 0.00 2.65 3.34 2.96 0.00
Operating Cash Flow Less CapEx to Interest Expense		 2.03 0.00 1.31 3.56 0.86 0.00 1.23 1.91 1.70 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.17 0.17 0.18
Accounts Receivable Turnover		 13.38 12.30 13.14 14.13 13.51 13.00 14.50 14.43 14.26 13.70
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.45 0.46 0.46 0.46 0.46 0.45 0.44 0.42 0.42 0.42
Accounts Payable Turnover		 9.01 8.58 9.09 8.88 9.23 8.11 8.57 8.01 8.85 8.32
Days Sales Outstanding (DSO)		 27.28 29.68 27.78 25.83 27.02 28.08 25.18 25.30 25.60 26.65
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 40.52 42.54 40.14 41.12 39.57 44.98 42.57 45.58 41.25 43.87
Cash Conversion Cycle (CCC)		 -13.23 -12.86 -12.36 -15.29 -12.54 -16.90 -17.39 -20.28 -15.65 -17.22
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 34,880 34,920 35,160 34,950 34,920 34,806 34,726 34,627 34,429 29,138
Invested Capital Turnover		 0.22 0.20 0.20 0.20 0.20 0.20 0.20 0.19 0.19 0.21
Increase / (Decrease) in Invested Capital		 6,395 281 280 51 40 -114 -434 -323 -491 -5,668
Enterprise Value (EV)		 83,928 78,800 81,709 74,229 65,812 74,510 73,696 71,200 80,522 67,822
Market Capitalization		 56,846 51,512 53,904 46,544 37,706 46,304 45,178 42,453 51,553 38,795
Book Value per Share		 $17.72 $17.20 $16.66 $16.25 $15.38 $14.71 $13.94 $13.01 $12.19 ($0.31)
Tangible Book Value per Share		 ($14.11) ($6.23) ($14.67) ($14.82) ($15.43) ($8.67) ($16.38) ($17.05) ($17.64) ($12.23)
Total Capital		 35,103 35,059 35,411 35,214 35,059 34,863 34,859 34,725 34,631 29,184
Total Debt		 27,424 27,610 28,188 28,168 28,390 28,482 28,811 29,073 29,335 29,317
Total Long-Term Debt		 26,605 26,791 27,369 27,349 27,563 27,647 27,957 28,208 28,724 28,707
Net Debt		 27,082 27,288 27,805 27,685 28,106 28,206 28,518 28,747 28,969 29,027
Capital Expenditures (CapEx)		 337 389 341 379 347 357 320 329 297 276
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -925 -1,017 -774 -1,040 -880 -994 -798 -874 -728 -767
Debt-free Net Working Capital (DFNWC)		 -583 -695 -391 -557 -596 -718 -505 -548 -362 -477
Net Working Capital (NWC)		 -1,402 -1,514 -1,210 -1,376 -1,423 -1,553 -1,359 -1,413 -973 -1,087
Net Nonoperating Expense (NNE)		 179 -1,201 200 202 208 -1,477 215 221 232 -11,514
Net Nonoperating Obligations (NNO)		 27,201 27,471 27,937 27,904 28,251 28,425 28,678 28,975 29,133 29,271
Total Depreciation and Amortization (D&A)		 432 438 438 452 447 446 447 440 438 445
Debt-free, Cash-free Net Working Capital to Revenue		 -13.45% -14.56% -11.03% -14.55% -12.45% -14.24% -11.65% -13.23% -11.04% -11.68%
Debt-free Net Working Capital to Revenue		 -8.48% -9.95% -5.57% -7.79% -8.43% -10.29% -7.37% -8.29% -5.49% -7.26%
Net Working Capital to Revenue		 -20.39% -21.67% -17.24% -19.24% -20.12% -22.25% -19.84% -21.38% -14.76% -16.55%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.97 $0.96 $0.97 $1.05 $0.61 $0.83 $0.72 $0.58 $0.70 ($10.98)
Adjusted Weighted Average Basic Shares Outstanding		 433M 433M 433M 434M 434M 434M 434M 435M 435M 434M
Adjusted Diluted Earnings per Share		 $0.97 $0.95 $0.97 $1.05 $0.61 $0.83 $0.71 $0.58 $0.70 ($10.97)
Adjusted Weighted Average Diluted Shares Outstanding		 434M 434M 434M 434M 434M 434M 435M 435M 436M 434M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 433.05M 433.44M 433.67M 433.68M 433.69M 434.22M 434.52M 434.57M 434.60M 435.43M
Normalized Net Operating Profit after Tax (NOPAT)		 601 620 618 680 551 603 543 519 597 -9,327
Normalized NOPAT Margin		 34.40% 35.17% 34.84% 36.40% 33.08% 35.99% 33.08% 31.89% 36.15% -565.64%
Pre Tax Income Margin		 24.17% 102.83% 23.97% 24.75% 16.32% 123.60% 19.38% 15.87% 18.64% 425.53%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 3.35 0.00 3.09 3.20 2.24 0.00 2.39 2.10 2.28 0.00
NOPAT to Interest Expense		 3.34 0.00 3.06 3.16 2.18 0.00 2.33 2.05 2.27 0.00
EBIT Less CapEx to Interest Expense		 1.47 0.00 1.41 1.38 0.64 0.00 0.97 0.67 1.02 0.00
NOPAT Less CapEx to Interest Expense		 1.46 0.00 1.37 1.34 0.58 0.00 0.91 0.62 1.01 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 158.55% -84.67% 157.78% 157.03% 175.39% -85.04% 195.34% 228.97% 221.97% -34.65%
Augmented Payout Ratio		 162.58% -86.79% 159.57% 158.85% 177.32% -85.98% 197.42% 231.57% 224.65% -35.06%

Key Financial Trends

Crown Castle (NYSE: CCI) has demonstrated stable revenue and solid cash flow generation over the past four years, but Q4 2024 was marked by a significant impairment charge and elevated debt levels. Here are the key financial trends and their potential impact:

  • Free cash flow to firm (FCFF) remained positive at $1.17 billion in Q4 2024, supporting valuation and debt servicing.
  • Consistent quarterly dividend of $1.565 per share yields ~7%, attractive for income-focused investors.
  • Operating revenue has held steady around $1.6 billion–$1.7 billion per quarter, reflecting stable top‐line performance.
  • Capital expenditures consistently near $300 million per quarter, showing ongoing infrastructure investment.
  • Leverage ratio remains high (debt to total capital ~100%), indicating substantial financial obligations.
  • Total assets have stayed in the $32 billion–$38 billion range, highlighting a large, scale-driven business.
  • A $4.83 billion impairment charge in Q4 2024 resulted in a negative operating margin of –2.7%.
  • Net operating profit after tax (NOPAT) was –$4.5 billion in Q4 2024 due to the impairment, pressuring profitability.
  • Q4 2024 net cash from operating activities was –$8.86 billion, driven by large non‐cash adjustments.
  • Net debt remains elevated at ~$29 billion, which may constrain future investment and ratings.
06/20/25 11:51 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Crown Castle's Financials

When does Crown Castle's financial year end?

According to the most recent income statement we have on file, Crown Castle's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Crown Castle's net income changed over the last 9 years?

Crown Castle's net income appears to be on an upward trend, with a most recent value of $7.88 billion in 2024, rising from $1.52 billion in 2015. The previous period was $3.20 billion in 2023. Find out what analysts predict for Crown Castle in the coming months.

What is Crown Castle's operating income?
Crown Castle's total operating income in 2024 was -$2.94 billion, based on the following breakdown:
  • Total Gross Profit: $4.72 billion
  • Total Operating Expenses: -$2.26 billion
How has Crown Castle's revenue changed over the last 9 years?

Over the last 9 years, Crown Castle's total revenue changed from $3.66 billion in 2015 to $6.57 billion in 2024, a change of 79.3%.

How much debt does Crown Castle have?

Crown Castle's total liabilities were at $32.87 billion at the end of 2024, a 2.2% increase from 2023, and a 121.4% increase since 2015.

How much cash does Crown Castle have?

In the past 9 years, Crown Castle's cash and equivalents has ranged from $105 million in 2023 to $567.60 million in 2016, and is currently $119 million as of their latest financial filing in 2024.

How has Crown Castle's book value per share changed over the last 9 years?

Over the last 9 years, Crown Castle's book value per share changed from 21.24 in 2015 to -0.31 in 2024, a change of -101.4%.


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This page (NYSE:CCI) was last updated on 6/20/2025 by MarketBeat.com Staff
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